REUTERS/Toby Melville
The banking world is one of the best paid industries on the planet.

But the difference between what each institution pays its employees can vary wildly.

We used data provided by salary-benchmarking site Emolument to compare the average annual pay — combining base salaries and bonuses — of associates, and managing directors at some of the biggest banks operating in the UK to get a sense of the differences in pay in the industry.

Associates are mid-level employees who usually have at least a few years of experience under their belts, which means they're usually still in their 20s. MDs on the other hand, are some of the most senior employees at any firm, overseeing teams of hundreds, if not thousands, of people.

Obviously this means that the gap in pay between these employees is huge. Therefore, taking an average of their two pay levels gives a pretty good indicator of how well a bank pays across the board.

Unsurprisingly, the best paid bankers work for American firms, with smaller banks from continental Europe compensate their employees relatively poorly. Britain's financial institutions were generally somewhere in the middle of the pack.

13. Lloyds Banking Group

Lloyds Chief Executive Antonio Horta-Osorio speaks at the British Chambers of Commerce annual meeting in central London February 10, 2015.
Reuters

Managing director total: £462,500

Associate total: £63,000

Cumulative pay total: £525,500

12. RBS

A worker sweeps in the foyer of a Royal Bank of Scotland office in the City of London August 6, 2010. Lower impairment losses helped Royal Bank of Scotland's second quarter operating profit rise from the first quarter, and the part-nationalised group expected good medium-term prospects for its business.
REUTERS/Luke MacGregor

Managing director total: £442,500

Associate total: £87,500

Cumulative pay total: £530,000

11. Jefferies

Jefferies

Managing director total: £473,000

Associate total: £76,000

Cumulative pay total: £549,000

10. BNP Paribas

An employee walks behind the logo of BNP Paribas in a company's building in Issy-les-Moulineaux, near Paris, June 2, 2014.
REUTERS/Charles Platiau

Managing director total: £470,000

Associate total: £91,000

Cumulative pay total: £561,000

9. HSBC

Mark Metcalfe/Getty

Managing director total: £537,580

Associate total: £105,000

Cumulative pay total: £642,580

8. Nomura

Reuters

Managing director total: £560,000

Associate total: £110,000

Cumulative pay total: £670,000

7. Bank of America

A man walks near a Bank of America branch in New York's Times Square Decemeber 11, 2008.
REUTERS/Brendan McDermid

Managing director total: £600,000

Associate total: £125,000

Cumulative pay total: £725,000

6. Citi

A shot at night of the Canary Wharf skyline. The HSBC building is on the right
Getty

Managing director total: £626,375

Associate total: £117,500

Cumulative pay total: £743,875

5. Barclays

A man repairs a cash machine outside a bank in London, November 25, 2009.
REUTERS/Luke MacGregor

Managing director total: £650,000

Associate total: £105,000

Cumulative pay total: £755,000

4. Deutsche Bank

A statue is pictured in front of the former head quarters of Germany's largest business bank, Deutsche Bank in Frankfurt, January 28, 2013
REUTERS/Kai Pfaffenbach

Managing director total: £675,000

Associate total: £115,000

Cumulative pay total: £790,000

3. Goldman Sachs

Goldman Sachs Group, Inc. Chairman and CEO Blankfein moderates a panel discussion at North American Energy Summit in New York
Thomson Reuters